VANCOUVER, BC – Swift Power Corp. (“Swift Power”) is pleased to announce that Fort Chicago Energy Partners L.P. (“Fort Chicago”) announced that as of 4:30 p.m. (Calgary time) on August 9, 2010, 23,998,766 common shares (“Shares”) of Swift Power, representing approximately 86.4% of the Common Shares outstanding on a fully-diluted basis, had been validly deposited pursuant to the previously announced take-over bid dated July 2, 2010 (the “Offer”) by Fort Chicago Pipelines (Canada) Ltd. (the “Offeror”), an indirect wholly-owned subsidiary of Fort Chicago, to acquire all of the issued and outstanding common Shares, as well as Shares issuable upon exercise of outstanding options, for $0.35 in cash for each Share.
The Offeror has taken-up all of the deposited Shares which, together with the 2,542,154 Shares beneficially owned by the Offeror, represent approximately 95.5% of the Shares issued on a fully-diluted basis. Swift Power shareholders whose Shares have been taken up will receive a payment in the amount of $0.35 per deposited Share. As all of the terms and conditions of the Offer have been complied with or waived, the Offer is now unconditional.
In order to allow for the remaining Shares to be tendered to the Offer, the Offeror has extended its Offer to purchase the balance of the Shares until 4:30 p.m. (Calgary time) on August 23, 2010. The Offeror intends to mail a formal notice of extension with respect to the Offer shortly. The notice of extension will also be available on SEDAR at www.sedar.com.
Swift Power shareholders are encouraged to tender their remaining common shares to the Offer as soon as possible to receive prompt payment. Swift Power shareholders who are in doubt as to how to respond to the Offer should consult their investment dealer, stockbroker, bank manager, lawyer or other professional advisors.
Fort Chicago is a publicly traded limited partnership based in Calgary, Alberta, that owns and operates energy infrastructure assets across North America. Its Class A Units are listed on the Toronto Stock Exchange under the symbol FCE.UN. Additional information about Fort Chicago is available on the partnership’s website at www.fortchicago.com.
Swift Power is based in Vancouver, BC and is engaged in the development of run-of-river hydroelectric power projects. In April of this year, Swift Power was awarded a long-term Electricity Purchase Agreement by BC Hydro for the Dasque Cluster hydroelectric project. This 20 megawatt project is located near Terrace, BC, and is planned to be in operation by late 2012, pending receipt of necessary regulatory approvals. Swift Power holds rights to nine water licence applications filed with the government of British Columbia regarding several sites in BC. Additional information about Swift Power is available on the company’s website at www.swiftpower.ca.
Shares should be deposited under the Offer with the depositary, being Computershare Investor Services Inc. Shareholders should contact the depositary, at 1-800-564-6253 or corporateactions@computershare.com, for assistance in accepting the Offer and in depositing their Shares. Shareholders whose common shares are registered in the name of an investment advisor, stock broker, bank, trust company or other nominee should immediately contact that nominee for assistance if they wish to accept the Offer in order to take the necessary steps to be able to deposit such common shares under the Offer.
Swift Power Corp.
Alexi Zawadzki
President and CEO
(604) 637-6393
Fort Chicago Energy Partners L.P.
Stephen H. White
President and CEO
(403) 296-0140
This announcement is for informational purposes only and does not constitute or form part of any offer or invitation to purchase, acquire, subscribe for, sell, dispose of or issue, or any solicitation of an offer to sell, dispose, issue purchase, acquire or subscribe for any security. The Offer (including any variation or extension in accordance with applicable securities laws) is being made exclusively by means of, and subject to the terms and conditions set out in the offer and take-over bid circular and notice of extension (the “Offer Documents”). Swift Power shareholders should read these materials carefully as they contain important information, including the terms and conditions of the Offer. The Offer Documents as well as the directors’ circular prepared and filed by Swift Power (the “Directors’ Circular”) will be available electronically without charge at www.sedar.com.
Certain statements contained in this news release, including statements that contain words such as “may”, “will”, “would”, “could”, “should”, “anticipate”, “believe”, “intend”, “expect”, “plan”, “estimate”, “budget”, “outlook”, “propose”, “project”, and statements relating to matters that are not historical fact constitute forward-looking information within the meaning of applicable Canadian securities legislation. In this news release, forward-looking information and statements include the anticipated completion of the Offer.
The forward-looking information in this news release is subject to known and unknown risks and uncertainties and other factors and assumptions. In addition, Swift Power is subject to risks and uncertainties which are discussed in greater detail in filings made by Swift Power with the Canadian securities regulatory authorities. Actual results could differ materially from those anticipated in these forward-looking statements if the assumptions underlying them prove incorrect, or if one or more of the uncertainties or risks described above materializes.
Readers are strongly cautioned that the above list of factors affecting forward-looking information is not exhaustive. Further, forward- looking statements are made as at the date they are given and, except as required by applicable law, Swift Power does not intend, and does not assume any obligation, to update any forward-looking statements, whether as a result of new information or otherwise. The forward-looking statements contained in this news release are expressly qualified by this advisory.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.